Bullish indicating open at $55-$60, IPO prices at $37
On Monday, Sable Offshore Corp. (NYSE:SOC), a company engaged in the crude petroleum and natural gas industry with a market capitalization of $2.27 billion, reported the outcomes of its 2025 Annual Meeting of Stockholders. The company’s stock has shown strong momentum, delivering a 53.5% return over the past year despite recent market volatility. Two key proposals were presented for shareholder voting.
The first proposal involved the election of one Class I director, Michael Dillard, to serve until the 2028 Annual Meeting of Stockholders. Dillard received a favorable vote with 34,138,651 votes for, 1,300,349 votes against, 13,208,797 abstentions, and 11,819,811 broker non-votes, thereby securing his position for another term.
The second proposal sought ratification of the appointment of Ham, Langston & Brezina, L.L.P. as the independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal was also approved by a significant majority, with 60,413,052 votes for, 35,102 against, and 19,454 abstentions.
The results confirm the shareholder support for the board’s director nominee and the company’s choice of auditors. The voting took place during the Annual Meeting held on June 11, 2025, with these results filed with the Securities and Exchange Commission (SEC) on Friday, June 13, 2025.
Sable Offshore Corp., formerly known as Flame Acquisition Corp., is incorporated in Delaware with its principal executive offices in Houston, Texas. The company’s common stock is listed on the New York Stock Exchange under the trading symbol SOC.
This news article is based on the company’s recent SEC filing.
In other recent news, Sable Offshore Corp. announced the successful completion of hydrotesting for its Onshore Pipeline, marking the final operational condition required for the pipeline’s restart. This development follows the company’s compliance with a California Office of the Fire Marshal consent decree, a crucial step in resuming operations. Additionally, Sable Offshore has initiated a public offering of $200 million in common stock, with proceeds intended for capital expenditures and general corporate purposes. The offering includes a 30-day option for underwriters to purchase an additional $30 million in stock.
In legal developments, the California Coastal Commission secured a preliminary injunction against Sable Offshore’s pipeline repair activities, citing a lack of necessary coastal development permits. Despite this, Benchmark has maintained a Buy rating for the company, with a $47 price target, expressing confidence in Sable Offshore’s ability to manage the legal process without significant production delays. TD Cowen also reaffirmed its Buy rating with a $40 price target, highlighting the company’s successful hydrotest as a positive step toward pipeline operation.
The court’s ruling underscores the regulatory challenges Sable Offshore faces, particularly concerning compliance with the Coastal Act. As the company navigates these complexities, it aims to begin crude transportation and generate revenue by the third quarter of 2025. Investors and analysts will closely monitor how these developments impact Sable Offshore’s operational and financial strategies moving forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.